54 paragraphs found
When litigation and claims matters, which may have a material effect on the financial report, are discovered, which were not previously identified by management, the auditor would ordinarily inform management and request management to address further …
It is the responsibility of those charged with governance of an entity to adopt policies and procedures to identify, evaluate, record and report on the outcome of any material litigation and claims. However, since the factors that would be considered in …
In addition to the procedures identified in paragraph 4 , other relevant procedures include, for example, using information obtained through risk assessment procedures carried out as part of obtaining an understanding of the entity and its environment to …
The procedures identified in paragraphs 4 and A2 would ordinarily include the following: reviewing and discussing with management the procedures within the entity’s internal control structure for identifying and recording litigation and claims and …
Audit procedures that are undertaken for different purposes might also identify litigation and claims. Such procedures include: examining contracts, loan agreements, leases, insurance policies and claims, and other correspondence; reading minutes of …
Audit evidence obtained for purposes of identifying litigation and claims that may give rise to a risk of material misstatement also may provide audit evidence regarding other relevant considerations, such as valuation or measurement, regarding litigation …
Depending on the circumstances, the auditor may judge it appropriate to examine related source documents, such as invoices for legal expenses, as part of the auditor’s review of legal expense accounts. …
The procedures outlined in paragraphs A1‑A4 are methods whereby the auditor can identify both material litigation and claims and legal counsel who have been consulted by the entity. However, these procedures may not necessarily provide the auditor with …
This Auditing Standard deals with specific considerations by the auditor in obtaining sufficient appropriate audit evidence in accordance with ASA 330, [1] ASA 500 [2] and other relevant Australian Auditing Standards, with respect to litigation and claims …
The auditor shall design and perform audit procedures in order to identify litigation and claims involving the entity which may give rise to a risk of material misstatement, including: (Ref: Para. A1‑Aus A4.1 ) Enquiry of management and, where …